On September 11, the UK’s National Cyber Security Centre (NCSC) and National Crime Agency (NCA) unveiled an updated report detailing the upsurge in ransomware and extortion attacks.
The whitepaper primarily attributes this recent surge to poor cyber hygiene, underscoring that most ransomware attacks are more straightforward than sophisticated.
Crypto: Central to Ransomware Attacks
According to the report, ransomware attacks spiked by over 150% in 2021, with global losses exceeding $20 billion.
Ransomware involves malware restricting access to computer systems or data, demanding ransom for its release. Usually, perpetrators demand payment in crypto, such as Bitcoin, offering decryption keys in return. In certain situations, the attackers also menace releasing sensitive stolen data.
Such attacks have paralyzed businesses, hospitals, schools, and vital infrastructures. Moreover, given the pseudonymity and the challenges of tracing crypto, these assets have become indispensable to ransomware attacks.
Read more: 15 Most Common Crypto Scams To Look Out For
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Author: Josh Adams
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